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REGISTERED COMPANY NUMBER: 05423453 (England and Wales)
REGISTERED CHARITY NUMBER: 1112150














Report of the Trustees and

Unaudited Financial Statements for the Year Ended 31 March 2023

for

Belz Foundation Ltd

Belz Foundation Ltd






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Report of the Trustees 1 to 2

Independent Examiner's Report 3

Statement of Financial Activities 4

Balance Sheet 5 to 6

Cash Flow Statement 7

Notes to the Cash Flow Statement 8

Notes to the Financial Statements 9 to 14

Belz Foundation Ltd (Registered number: 05423453)

Report of the Trustees
for the Year Ended 31 March 2023


The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES
Objectives and aims
The objectives of the Charity are to raise funds, collect donations and apply the funds and income of the charity for the benefit of charitable purposes and particularly for the purpose of the advancement of the Jewish religious faith and the relief of poverty. The charity operates a voucher system to facilitate the receipt of donations and distribution of funds.

Public benefit
The trustees confirm their compliance with the duty to have due regard to the public benefit guidance published by the Charity Commission when reviewing the Charity's aims and objectives in planning future activities.

Grantmaking
Belz Foundation Limited makes donations to charitable institutions in accordance with its Articles of Association.

The trustees have personal knowledge of the recipient organisations and their trustees and are therefore able to ensure that donations made are utilised in accordance with the objectives of Belz Foundation Limited.

ACHIEVEMENT AND PERFORMANCE
The trustees consider that the performance of the charity this year has been most satisfactory. Substantial funds have been granted to institutions during the period from the contributions received from donors.

The Statement of Financial Activities shows a net deficit for the year of £4,266 after making combined total grants of £816,686 and the reserve stand at £4,347.

FINANCIAL REVIEW
Principal funding sources
The charity is pleased and fortunate to receive donations from a number of organisations and individuals.

Overall the charity has experienced a good year and hopes it will continue to do so next year.

Reserves policy
It is the charity's policy that only funds that have cleared the bank be allowed to be drawn by donor's via the voucher system.
The charity's trustees believe that reserves have to be maintained at a level equivalent to the donors donations, in order to be available to be distributed on the basis of their wishes.

FUTURE PLANS
The trustees plan to continue to make distributions in accordance with their grant making policy and to ensure that the ability to generate sufficient income is maintained to achieve that end.

STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document memorandum and articles of association and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Recruitment and appointment of new trustees
The trustees are appointed according to the Articles of Association.


Belz Foundation Ltd (Registered number: 05423453)

Report of the Trustees
for the Year Ended 31 March 2023


STRUCTURE, GOVERNANCE AND MANAGEMENT
Induction and training of new trustees
All new trustees are given, in the view of the board, sufficient training and have enough knowledge of their specific field to understand the nature of the charity and fully comply with the charities views of its progression.

New trustees undergo a briefing to ensure they are aware of both their legal and professional responsibilities under charity and company law.

Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
05423453 (England and Wales)

Registered Charity number
1112150

Registered office
1 Belz Terrace
London
E5 9SN

Trustees
J Baumgarten (resigned 6.8.22)
A Klein
S Rand
Y M Sternlitcht

Company Secretary
J Baumgarten

Independent Examiner
A Heller FCA
Martin+Heller
5 North End Road
London
NW11 7RJ

Approved by order of the board of trustees on 30 January 2024 and signed on its behalf by:





A Klein - Trustee

Independent Examiner's Report to the Trustees of
Belz Foundation Ltd

Independent examiner's report to the trustees of Belz Foundation Ltd ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2023.

Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.

Independent examiner's statement
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.








A Heller FCA

Martin+Heller
5 North End Road
London
NW11 7RJ

30 January 2024

Belz Foundation Ltd

Statement of Financial Activities
for the Year Ended 31 March 2023

31.3.23 31.3.22
Unrestricted Restricted Total Total
fund fund funds funds
Notes £    £    £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies 2 818,192 - 818,192 1,185,831

EXPENDITURE ON
Charitable activities 3
Donations 816,686 - 816,686 1,177,999

Other 5,772 - 5,772 3,026
Total 822,458 - 822,458 1,181,025

NET INCOME/(EXPENDITURE) (4,266 ) - (4,266 ) 4,806


RECONCILIATION OF FUNDS
Total funds brought forward 8,613 - 8,613 3,807

TOTAL FUNDS CARRIED FORWARD 4,347 - 4,347 8,613

Belz Foundation Ltd (Registered number: 05423453)

Balance Sheet
31 March 2023

31.3.23 31.3.22
Unrestricted Restricted Total Total
fund fund funds funds
Notes £    £    £    £   
CURRENT ASSETS
Debtors 9 230,000 - 230,000 230,000
Cash at bank 12,877 - 12,877 89,376
242,877 - 242,877 319,376

CREDITORS
Amounts falling due within one year 10 (208,435 ) - (208,435 ) (274,930 )

NET CURRENT ASSETS 34,442 - 34,442 44,446

TOTAL ASSETS LESS CURRENT
LIABILITIES

34,442

-

34,442

44,446

CREDITORS
Amounts falling due after more than one year 11 (30,095 ) - (30,095 ) (35,833 )

NET ASSETS/(LIABILITIES) 4,347 - 4,347 8,613
FUNDS 13
Unrestricted funds 4,347 8,613
TOTAL FUNDS 4,347 8,613

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.


The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.


The trustees acknowledge their responsibilities for
(a)ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.


Belz Foundation Ltd (Registered number: 05423453)

Balance Sheet - continued
31 March 2023

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.


The financial statements were approved by the Board of Trustees and authorised for issue on 30 January 2024 and were signed on its behalf by:





A Klein - Trustee

Belz Foundation Ltd

Cash Flow Statement
for the Year Ended 31 March 2023

31.3.23 31.3.22
Notes £    £   

Cash flows from operating activities
Cash generated from operations 1 (69,812 ) 58,027
Interest paid (949 ) (996 )
Net cash (used in)/provided by operating activities (70,761 ) 57,031

Cash flows from financing activities
Loan repayments in year (5,738 ) (4,167 )
Net cash used in financing activities (5,738 ) (4,167 )

Change in cash and cash equivalents in the
reporting period

(76,499

)

52,864
Cash and cash equivalents at the beginning
of the reporting period

89,376

36,512
Cash and cash equivalents at the end of the
reporting period

12,877

89,376

Belz Foundation Ltd

Notes to the Cash Flow Statement
for the Year Ended 31 March 2023

1. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING
ACTIVITIES
31.3.23 31.3.22
£    £   
Net (expenditure)/income for the reporting period (as per the Statement
of Financial Activities)

(4,266

)

4,806
Adjustments for:
Interest paid 949 996
Increase in debtors - (210,000 )
(Decrease)/increase in creditors (66,495 ) 262,225
Net cash (used in)/provided by operations (69,812 ) 58,027


2. ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

At 1/4/22 Cash flow At 31/3/23
£    £    £   
Net cash
Cash at bank 89,376 (76,499 ) 12,877
89,376 (76,499 ) 12,877

Debt
Debts falling due within 1 year (10,000 ) - (10,000 )
Debts falling due after 1 year (35,833 ) 5,738 (30,095 )
(45,833 ) 5,738 (40,095 )
Total 43,543 (70,761 ) (27,218 )

Belz Foundation Ltd

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Taxation
The charity is exempt from corporation tax on its charitable activities.

Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

2. DONATIONS AND LEGACIES
31.3.23 31.3.22
£    £   
Donations 818,192 1,185,831


Belz Foundation Ltd

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

3. CHARITABLE ACTIVITIES COSTS
Grant
funding of
activities
(see note
4)
£   
Donations 816,686

4. GRANTS PAYABLE
31.3.23 31.3.22
£    £   
Donations 816,686 1,177,999

Amud Hatzdokoh Trust 74,068
Belz Synagogue 43,604
Chevras Mo'oz Ladol 26,917
Clapton Support & Advice 43,231
Dover Sholem Community Trust 55,890
Hasmonean High School 25,008
Merkaz Torah Vechesed Ltd 25,296
UK Friends Of Ahavas Chesed 26,944
Work Avenue Foundation 31,080
Yesamach Levav Trust 26,610
Less than £20,000 438,038
816,686

5. SUPPORT COSTS
Governance
costs
£   
Other resources expended 5,772

6. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

31.3.23 31.3.22
£    £   
Auditors' remuneration - 850


Belz Foundation Ltd

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

7. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2023 nor for the year ended 31 March 2022.


Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2023 nor for the year ended 31 March 2022.


8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted Restricted Total
fund fund funds
£    £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies 1,185,831 - 1,185,831

EXPENDITURE ON
Charitable activities
Donations 1,177,999 - 1,177,999

Other 3,026 - 3,026
Total 1,181,025 - 1,181,025

NET INCOME 4,806 - 4,806


RECONCILIATION OF FUNDS
Total funds brought forward 3,807 - 3,807

TOTAL FUNDS CARRIED FORWARD 8,613 - 8,613

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Other debtors 230,000 230,000


Belz Foundation Ltd

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Bank loans and overdrafts (see note 12) 10,000 10,000
Trade creditors 315 315
Other creditors 195,720 262,215
Accrued expenses 2,400 2,400
208,435 274,930

11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.23 31.3.22
£    £   
Bank loans (see note 12) 30,095 35,833

12. LOANS

An analysis of the maturity of loans is given below:

31.3.23 31.3.22
£    £   
Amounts falling due within one year on demand:
Bank loans 10,000 10,000
Amounts falling between one and two years:
Bank loans - 1-2 years 10,000 10,000
Amounts falling due between two and five years:
Bank loans - 2-5 years 20,095 25,833

13. MOVEMENT IN FUNDS
Net
movement At
At 1/4/22 in funds 31/3/23
£    £    £   
Unrestricted funds
General fund 8,613 (4,266 ) 4,347

TOTAL FUNDS 8,613 (4,266 ) 4,347

Belz Foundation Ltd

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

13. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 818,192 (822,458 ) (4,266 )

TOTAL FUNDS 818,192 (822,458 ) (4,266 )


Comparatives for movement in funds

Net
movement At
At 1/4/21 in funds 31/3/22
£    £    £   
Unrestricted funds
General fund 3,807 4,806 8,613

TOTAL FUNDS 3,807 4,806 8,613

Comparative net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 1,185,831 (1,181,025 ) 4,806

TOTAL FUNDS 1,185,831 (1,181,025 ) 4,806

A current year 12 months and prior year 12 months combined position is as follows:

Net
movement At
At 1/4/21 in funds 31/3/23
£    £    £   
Unrestricted funds
General fund 3,807 540 4,347

TOTAL FUNDS 3,807 540 4,347

Belz Foundation Ltd

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

13. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 2,004,023 (2,003,483 ) 540

TOTAL FUNDS 2,004,023 (2,003,483 ) 540

14. RELATED PARTY DISCLOSURES

Donations received by the charity include the following amounts which were received from charities which have trustees in common with Belz Foundation Limited:

Cosmon (Belz) Ltd10,050
Clapton Common Boys Club3,000
Bourneheights Limited40,600
Moreshet Hatorah Limited11,907

Donations paid by the charity include the following amounts which were paid to charities which have trustees in common with Belz Foundation Limited:

Chevras Mo'oz Ladol26,917
Children Ahead Ltd896
The Union Of Orthodox Hebrew Congregations1,558
The Talmud Torah Machzikei Hadass Trust2,902